GTA

Chế biến gỗ Thuận An ·HOSE ·2026Q1

▼▼ Declining sharply

Capital efficiency remains weak ROE 1.58%, −0.58pp YoY

Price

8,300

Latest close

28 May 2026

P/E 12.56x

P/B 0.54x

EPS 661

BVPS 15,410

ROE 4.0%

ROA 1.8%

Profit Margin 2.7%

Asset Turnover 0.68x

Equity Mult. 2.19x

TTM · Applied to: EPS, ROE, ROA, Net Margin, Asset Turnover, Debt/Equity

What Is Changing

On a TTM 2026Q1 basis, GTA is declining across multiple metrics versus the same period, suggesting current pressure is not coming from just one side — profit is at an all-time high. More notably, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 241bn
	                                
−6.4%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 7bn
	                                
−20.1%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    88.4%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	255.1	261.4	249.2	489.5	510.8
Growth	-2%	+5%	-49%	-4%	—
Net Income	7.0	8.6	10.3	10.3	15.7
Net Margin	2.73%	3.27%	4.13%	2.10%	3.07%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	49.3	63.2	79.2	49.9	62.9	59.4	71.6	64.2	66.2	59.0	75.7	51.0
Growth	-22%	-20%	+59%	-21%	+6%	-17%	+11%	-3%	+12%	-22%	+48%	—
Net Income	1.8	1.5	1.9	1.3	1.3	2.5	2.3	2.1	1.7	3.2	2.4	2.6
Net Margin	3.72%	2.44%	2.34%	2.57%	2.04%	4.22%	3.19%	3.23%	2.56%	5.36%	3.16%	5.14%

Drivers of GTA's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to lower gross profit. Supporting and offsetting drivers:

Financial income ↑ 2.0bn

Administrative expenses ↓ 0.8bn

Other profit ↑ 0.7bn

Selling expenses ↓ 0.5bn

Gross profit ↓ 4.5bn

Finance costs ↑ 1.5bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by lower administrative expenses. Supporting and offsetting drivers:

Administrative expenses ↓ 1.0bn

Selling expenses ↓ 0.8bn

Financial income ↓ 0.8bn

Other profit ↓ 0.2bn

Tax ↑ 0.1bn

Finance costs ↑ 0.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 5.0% = 3.2% × 0.70 × 2.27

2026Q1 4.0% = 2.7% × 0.68 × 2.19

ROE fell from 5.0% to 4.0% — all three components weakened, with leverage being the main drag.

Net margin: 2.7% -0.5pp Asset turnover: 0.68x -0.01x Leverage: 2.19x -0.08x

Is the profit sustainable?

Margins are under pressure while earnings still rely significantly on non-core sources.

very positive positive stable watch under pressure

What is driving the margin?

Net margin narrowed to 2.69%, falling 0.5pp. The main pressure comes from Gross margin fell 1.1pp and SG&A / Revenue rose 0.1pp (with additional support from Net financial result / Revenue rose 0.4pp and Other profit / Revenue rose 0.3pp).

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

Profitability trend

Net Margin 2.69% −0.5pp

Gross Margin 9.37% −1.1pp

SG&A / Revenue 9.79% +0.1pp

Non-core / Revenue 3.82% +0.7pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 112.3% of PBT and lifted net margin by 0.7pp — separate the operating contribution from this source.

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC narrowed to 1.58%, falling 0.6pp. That translates to 1.58 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 0.7pp, outweighing the movement in capital turnover; with invested capital holding roughly steady.

Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.

Watchpoints

ROIC remains low

ROIC is currently 1.58% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 1.58% −0.6pp

NOPAT Margin 2.05% −0.7pp

Capital Turnover 0.77x −0.01x

Average Invested Capital 312.9bn −15.9bn

Balance Sheet

Capital structure is balanced — liabilities at 0.96x equity, net debt at 0.55x equity.

Inventory ended the period at 40.0bn, roughly 12.9% of total assets.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Cash conversion cycle lengthened by 5.5 days versus the same period last year. The main moves came from DIO rose 1.1 days, DSO rose 0.0 days, and DPO fell 4.3 days.

All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 91.8 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +0.0 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 25.6 days +0.0 days

Inventory 86.0 days +1.1 days

Payables 19.9 days −4.3 days

Cash Conversion Cycle 91.8 days +5.5 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.55x and interest coverage only at 0.96x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 7.5% of debt, and total debt stands at 94.8bn.

Watchpoints

Interest coverage is thin

Interest coverage is 0.96x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.55x −0.78x

Interest Coverage 0.96x −0.82x

Cash / Debt 7.5% +2.8pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 1.24x +2.11x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 25.1bn in 2025, against investing cash flow of 3.4bn.

Post-investment cash flow was positive +28.5bn. Financing cash flow was negative +12.2bn.

CFO / net income was 1.24x.

Track how much investment can be funded internally from operating cash flow.

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

Cash Conversion

CFO TTM 8.0bn +15.2bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in capital efficiency remains weak, with ROIC at 1.6%.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.24x. Even so, net financial result still accounts for 88.4% of PBT, so the earnings mix still needs monitoring.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	255.1	261.4	249.2	489.5	510.8
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	255.1	261.4	249.2	489.5	510.8
Cost of Goods Sold	232.5	233.8	227.0	455.2	0.0
Gross Profit	22.6	27.6	22.3	34.3	38.9
Financial Income	14.6	12.3	16.9	22.2	21.4
Financial Expenses	6.4	5.4	5.8	11.8	-11.5
Interest Expense	6.1	4.9	5.6	11.2	-11.1
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	8.0	7.0	5.2	9.0	-10.0
General and Administrative Expenses	17.5	17.7	15.2	19.7	-19.4
Operating Profit	5.3	9.7	13.0	16.1	19.5
Other Income	3.9	1.1	0.0	2.6	0.0
Other Expenses	1.7	0.0	0.0	5.8	0.0
Other Profit	2.2	1.0	-0.0	-3.2	0.2
Profit Before Tax	7.5	10.7	12.9	12.9	19.7
Current Income Tax Expense	0.6	2.2	2.6	2.6	-4.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	7.0	8.6	10.3	10.3	15.7
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	7.0	8.6	10.3	10.3	15.7
Earnings per Share	606.00	870.00	1,048.00	1,044.00	1,595.00
Diluted EPS	606.00	870.00	1,048.00	1,044.00	1,507.13

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	282.6	286.2	304.6	337.3	431.1
I. Cash and cash equivalents	18.6	2.3	6.0	35.0	19.3
1. Cash	14.6	2.3	6.0	27.0	0.0
2. Cash equivalents	4.0	0.0	0.0	8.0	0.0
II. Short-term financial investments	194.2	186.2	232.1	227.8	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	194.2	186.2	232.1	227.8	0.0
III. Short-term receivables	23.8	20.4	12.7	13.2	38.6
1. Short-term trade accounts receivable	20.2	14.6	8.2	7.9	0.0
2. Short-term prepayments to suppliers	0.6	2.9	0.5	0.6	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	3.1	3.3	4.5	5.1	0.0
7. Provision for short-term doubtful debts (*)	—	-0.4	-0.5	-0.5	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	40.0	66.9	48.4	55.7	86.9
1. Inventories	40.0	66.9	48.4	55.7	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	5.9	10.4	5.4	5.6	9.2
1. Short-term prepayments	0.2	0.1	0.2	0.2	0.0
2. Value added tax to be reclaimed	4.6	10.3	4.1	4.4	0.0
3. Taxes and other receivables from state authorities	1.1	0.0	1.1	0.9	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	28.2	33.4	33.5	38.9	36.6
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	23.0	28.5	28.9	35.2	32.7
1. Tangible fixed assets	22.5	28.5	28.9	35.2	32.7
- Cost	149.6	188.5	183.8	183.6	0.0
- Accumulated depreciation	-127.0	-160.0	-154.9	-148.3	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.4	0.0	0.0	0.0	0.0
- Cost	0.4	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.0	0.0	0.0	0.0	0.0
III. Investment properties	1.4	0.0	0.0	0.0	0.0
- Cost	25.9	0.0	0.0	0.0	0.0
- Accumulated depreciation	-24.4	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	0.0	0.1	0.0	0.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.1	0.0	0.0
V. Long-term financial investments	2.0	2.0	2.0	2.0	2.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	2.0	2.0	2.0	2.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	1.8	3.0	2.5	1.6	0.0
1. Long-term prepayments	1.8	3.0	2.5	1.6	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	1.8
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	310.8	319.7	338.1	376.1	467.8
A. LIABILITIES (300=210+330)	152.4	158.7	175.3	213.4	300.4
I. Short -term liabilities	150.6	158.7	175.3	213.4	300.4
1. Short-term trade accounts payable	11.2	13.5	13.4	14.4	23.6
2. Short-term advances from customers	3.2	1.7	3.1	22.5	40.9
3. Taxes and other payables to state authorities	1.0	0.7	0.8	0.4	0.0
4. Payable to employees	8.9	9.9	9.4	12.7	0.0
5. Short-term acrrued expenses	0.3	0.6	0.4	0.3	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	1.4	1.0	0.7	0.9	0.0
10. Short-term borrowings and financial leases	119.3	126.5	142.7	156.7	213.6
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	5.3	4.8	4.6	5.6	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	1.8	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	1.8	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	158.4	161.0	162.8	162.7	167.4
I. Owner's equity	158.4	161.0	162.8	162.7	0.0
1. Owner's capital	104.0	104.0	104.0	104.0	167.4
- Common stock with voting right	104,000,000,000.00	104,000,000,000.00	104,000,000,000.00	104,000,000,000.00	104,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	42.0	42.0	42.0	42.0	42.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	-6,735,335,885.00	-6,735,335,885.00	-6,735,335,885.00	-6,735,335,885.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	13.2	13.2	13.2	13.2	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	6.0	8.6	10.3	10.3	15.7
- Accumulated retained earning at the end of the previous period	0.0	0.0	0.0	0.0	8.6
- Undistributed earnings in this period	6.0	8.6	10.3	10.3	7.1
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	310.8	319.7	338.1	376.1	467.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	—	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	0.0	0.0	0.0	0.0
Interest Expense	—	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-1.8	-2.4	-0.9	-4.9	0.0
Other Operating Receipts	29.3	19.0	23.0	190.2	0.0
Other Operating Payments	-22.5	-28.1	-26.2	-206.7	0.0
Net Cash Flow from Operating Activities	25.1	-35.0	-19.2	20.6	-33.5
Payments for Fixed Assets and Other Long-term Assets	-2.4	-3.9	-0.3	-7.6	-2.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.3	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	-374.3
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	423.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	12.5	10.8	15.2	18.7	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	3.4	52.8	10.6	60.3	69.0
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	315.1	262.3	231.8	459.7	530.8
Repayment of Borrowings	-322.4	-278.5	-245.8	-516.6	-582.3
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-4.9	-5.4	-6.4	-8.3	-11.8
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-12.2	-21.6	-20.4	-65.2	-63.3
Net Cash Flow During the Period	16.4	-3.7	-29.0	15.7	6.0
Cash and Cash Equivalents at Beginning of Period	2.3	6.0	35.0	19.3	47.1
FX Difference from Revaluation	0.0	0.0	-0.0	-0.0	-0.0
Cash and Cash Equivalents at End of Period	18.6	2.3	6.0	35.0	19.3

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	49.3	63.2	79.2	49.9	62.9	59.4	71.6	64.2	66.2	59.0	75.7	51.0
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	49.3	63.2	79.2	49.9	62.9	59.4	71.6	64.2	66.2	59.0	75.7	51.0
Cost of Goods Sold	42.8	60.0	72.5	43.6	56.4	52.7	63.3	58.5	59.3	52.7	70.0	46.3
Gross Profit	6.4	3.2	6.7	6.3	6.4	6.6	8.3	5.8	6.9	6.3	5.7	4.7
Financial Income	2.4	4.4	2.6	4.4	3.2	3.3	2.4	2.9	3.6	4.3	4.0	4.5
Financial Expenses	1.4	1.2	1.8	2.2	1.3	1.1	1.4	1.2	1.6	1.5	1.0	1.3
Interest Expense	1.4	1.1	1.6	2.1	1.2	1.1	1.0	1.2	1.6	1.5	1.0	1.3
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	1.3	2.1	1.9	1.8	2.1	1.7	2.3	1.6	1.5	1.1	1.5	1.3
General and Administrative Expenses	3.8	3.7	3.9	5.1	4.8	4.3	4.7	3.4	5.3	3.9	4.1	3.4
Operating Profit	2.3	0.6	1.7	1.7	1.4	2.7	2.3	2.5	2.1	4.0	3.0	3.3
Other Income	0.9	2.4	1.2	0.0	0.3	0.4	0.6	0.1	0.0	0.0	0.0	0.0
Other Expenses	0.9	1.0	0.6	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	0.0	1.4	0.6	-0.1	0.3	0.4	0.6	0.1	0.0	-0.0	-0.0	0.0
Profit Before Tax	2.3	2.0	2.3	1.6	1.6	3.1	2.9	2.6	2.1	4.0	3.0	3.3
Current Income Tax Expense	0.5	0.4	0.4	0.4	0.3	0.6	0.6	0.5	0.4	0.8	0.6	0.7
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	1.8	1.5	1.9	1.3	1.3	2.5	2.3	2.1	1.7	3.2	2.4	2.6
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	1.8	1.5	1.9	1.3	1.3	2.5	2.3	2.1	1.7	3.2	2.4	2.6
Earnings per Share	186.00	157.00	188.00	130.00	130.00	255.00	232.00	211.00	173.00	322.00	243.00	267.00
Diluted EPS	176.05	148.15	178.03	123.07	123.18	240.58	219.57	199.21	163.22	303.94	229.65	252.43

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	260.7	282.6	269.6	354.4	387.8	286.2	293.5	289.3	290.7	304.6	276.0	245.6
I. Cash and cash equivalents	7.1	18.6	6.2	11.0	10.7	2.3	9.5	29.4	9.2	6.0	6.0	30.2
1. Cash	7.1	14.6	6.2	11.0	10.7	2.3	9.5	29.4	9.2	6.0	6.0	21.8
2. Cash equivalents	—	4.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	8.4
II. Short-term financial investments	182.8	194.2	183.0	268.9	290.9	186.2	187.6	170.0	198.1	232.1	201.6	162.3
1. Available for sale securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	182.8	194.2	183.0	268.9	290.9	186.2	187.6	170.0	198.1	232.1	201.6	162.3
III. Short-term receivables	19.7	23.8	20.8	15.4	20.7	20.4	34.4	22.2	24.6	12.7	20.2	12.0
1. Short-term trade accounts receivable	16.8	20.2	18.3	10.3	17.1	14.6	30.5	19.5	19.0	8.2	15.6	8.6
2. Short-term prepayments to suppliers	0.8	0.6	1.5	1.0	0.7	2.9	1.1	0.8	1.9	0.5	0.3	0.2
3. Short-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	2.1	3.1	1.1	4.4	3.2	3.3	3.2	2.3	4.1	4.5	4.8	3.7
7. Provision for short-term doubtful debts (*)	—	—	-0.2	-0.3	-0.4	-0.4	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	44.4	40.0	47.7	50.4	58.8	66.9	54.6	55.1	48.7	48.4	35.2	30.6
1. Inventories	44.4	40.0	47.7	50.4	58.8	66.9	54.6	55.1	48.7	48.4	35.2	30.6
2. Provision for decline in value of inventories	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	6.7	5.9	11.9	8.7	6.6	10.4	7.4	12.5	10.2	5.4	13.0	10.5
1. Short-term prepayments	3.0	0.2	0.8	2.0	2.9	0.1	1.1	2.2	3.1	0.2	0.9	1.7
2. Value added tax to be reclaimed	3.7	4.6	11.2	6.7	3.7	10.3	6.3	10.3	7.1	4.1	12.0	8.8
3. Taxes and other receivables from state authorities	—	1.1	—	—	0.0	0.0	0.0	0.0	0.0	1.1	0.0	0.0
4. Government bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	26.7	28.2	29.1	30.3	32.0	33.4	31.1	32.0	31.7	33.5	34.5	36.1
I. Long-term receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	22.0	23.0	23.4	26.2	27.5	28.5	26.3	26.2	27.4	28.9	30.4	32.0
1. Tangible fixed assets	21.6	22.5	23.4	26.2	27.5	28.5	26.3	26.2	27.4	28.9	30.4	32.0
- Cost	149.0	—	—	—	184.4	188.5	184.9	183.4	183.1	183.8	183.8	183.8
- Accumulated depreciation	-127.4	—	—	—	-156.9	-160.0	-158.6	-157.2	-155.7	-154.9	-153.4	-151.7
2. Financial leased fixed assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.4	0.4	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	0.4	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	1.3	1.4	1.4	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	25.9	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-24.6	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	—	—	—	0.0	0.0	0.0	1.5	0.1	0.1	0.0	0.0
1. Long-term production in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	—	0.0	0.0	0.0	1.5	0.1	0.1	0.0	0.0
V. Long-term financial investments	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0
1. Investments in subsidiaries	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0
4. Provision for diminution in value of long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	1.4	1.8	2.2	2.1	2.5	3.0	2.8	2.3	2.2	2.5	2.1	2.0
1. Long-term prepayments	1.4	1.8	2.2	2.1	2.5	3.0	2.8	2.3	2.2	2.5	2.1	2.0
2. Deferred income tax assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	287.4	310.8	298.8	384.7	419.8	319.7	324.6	321.2	322.4	338.1	310.5	281.6
A. LIABILITIES (300=210+330)	127.1	152.4	141.9	221.1	257.5	158.7	166.1	165.0	157.9	175.3	150.9	124.4
I. Short -term liabilities	125.3	150.6	140.1	219.3	257.5	158.7	166.1	165.0	157.9	175.3	150.9	124.4
1. Short-term trade accounts payable	12.7	11.2	12.9	8.1	11.1	13.5	20.1	20.0	19.5	13.4	20.7	11.6
2. Short-term advances from customers	2.6	3.2	3.4	5.6	5.5	1.7	2.1	2.2	3.6	3.1	2.5	2.0
3. Taxes and other payables to state authorities	3.5	1.0	2.7	3.3	4.2	0.7	4.3	2.9	3.5	0.8	4.8	3.8
4. Payable to employees	5.4	8.9	6.6	5.1	5.2	9.9	8.1	5.6	3.3	9.4	7.5	5.0
5. Short-term acrrued expenses	0.3	0.3	0.7	0.4	0.4	0.6	0.5	0.6	0.3	0.4	0.3	0.3
6. Short-term inter-company payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	1.3	1.4	1.5	1.5	1.3	1.0	1.3	1.8	1.0	0.7	1.1	7.5
10. Short-term borrowings and financial leases	94.8	119.3	106.5	192.6	226.3	126.5	124.3	125.5	124.4	142.7	108.7	88.1
11. Provision for short-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	4.8	5.3	5.7	2.8	3.5	4.8	5.2	6.4	2.4	4.6	5.3	6.2
13. Price stabilization fund	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	1.8	1.8	1.8	1.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	1.8	1.8	1.8	1.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	160.3	158.4	156.9	163.6	162.3	161.0	158.5	156.2	164.5	162.8	159.6	157.2
I. Owner's equity	160.3	158.4	156.9	163.6	162.3	161.0	158.5	156.2	164.5	162.8	159.6	157.2
1. Owner's capital	104.0	104.0	104.0	104.0	104.0	104.0	104.0	104.0	104.0	104.0	104.0	104.0
- Common stock with voting right	104,000,000,000.00	104,000,000,000.00	104,000,000,000.00	104,000,000,000.00	104,000,000,000.00	104,000,000,000.00	104,000,000,000.00	104,000,000,000.00	104,000,000,000.00	104,000,000,000.00	104,000,000,000.00	104,000,000,000.00
- Preferred stock	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	42.0	42.0	42.0	42.0	42.0	42.0	42.0	42.0	42.0	42.0	42.0	42.0
3. Convertible bond option	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	-6,735,335,885.00	-6,735,335,885.00	-6,735,335,885.00	-6,735,335,885.00	-6,735,335,885.00	-6,735,335,885.00	-6,735,335,885.00	-6,735,335,885.00	-6,735,335,885.00	-6,735,335,885.00	-6,735,335,885.00	-6,735,335,885.00
6. Assets revaluation differences	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	13.2	13.2	13.2	13.2	13.2	13.2	13.2	13.2	13.2	13.2	13.2	13.2
9. Fund to support corporate restructuring	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	7.8	6.0	4.4	11.1	9.8	8.6	6.1	3.8	12.0	10.3	7.1	4.8
- Accumulated retained earning at the end of the previous period	6.0	4.4	2.6	9.8	8.6	6.1	3.8	1.7	10.3	0.0	4.8	2.1
- Undistributed earnings in this period	1.8	1.5	1.9	1.3	1.3	2.5	2.3	2.1	1.7	10.3	2.4	2.6
12. Reserves for investment in construction	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	287.4	310.8	298.8	384.7	419.8	319.7	324.6	321.2	322.4	338.1	310.5	281.6

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-0.4	-0.4	-0.4	-0.3	-0.6	-0.6	-0.5	-0.4	-0.8	-0.9	0.0	0.0
Other Operating Receipts	5.5	—	—	—	0.0	2.6	11.1	2.9	2.4	12.7	1.8	2.3
Other Operating Payments	-8.6	-6.6	-4.3	-4.4	-7.4	-9.4	-6.1	-6.0	-6.5	26.5	-22.4	-15.6
Net Cash Flow from Operating Activities	-5.6	9.2	-6.0	10.5	11.5	-10.5	-1.6	-6.6	-16.3	-7.5	-1.7	6.0
Payments for Fixed Assets and Other Long-term Assets	—	-0.4	-0.1	-1.3	-0.6	-2.4	-0.3	-1.2	0.0	-0.1	0.0	-0.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.4	0.7	0.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	3.2	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	—	1.7	5.7	2.5	2.6	2.2	1.4	3.5	3.7	4.2	2.5	4.9
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	18.6	-9.6	92.2	23.6	-102.8	1.1	-16.4	30.3	37.8	-26.4	-36.8	25.3
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	50.0	53.6	68.0	40.2	153.3	73.0	63.8	60.5	65.1	76.2	66.5	42.2
Repayment of Borrowings	-74.5	-40.8	-154.1	-74.0	-53.6	-70.7	-65.1	-59.4	-83.3	-42.2	-45.9	-57.5
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-0.0	-4.9	—	0.0	-0.2	-0.6	-4.6	0.0	-0.1	-6.3	0.0
Other Financing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-24.5	12.8	-91.0	-33.8	99.8	2.1	-1.9	-3.5	-18.3	33.9	14.4	-15.3
Net Cash Flow During the Period	-11.5	12.4	-4.8	0.3	8.5	-7.3	-19.9	20.3	3.2	-0.0	-24.2	16.0
Cash and Cash Equivalents at Beginning of Period	18.6	6.2	11.0	10.7	2.3	6.0	6.0	6.0	6.0	35.0	35.0	35.0
FX Difference from Revaluation	—	0.0	—	—	0.0	0.0	0.0	0.0	0.0	-0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	7.1	18.6	6.2	11.0	10.7	2.3	9.5	29.4	9.2	6.0	6.0	30.2

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GTA

What Is Changing

Drivers of GTA's profit

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Is capital being deployed efficiently? ▼

Balance Sheet ●

Working Capital Efficiency ▼

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Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow